Adult-Viewpoint-2019-Survey-Champlain-College-Online-FINAL-2

In this survey, we gained insight into the perceptions of three generations Millennials, Gen Z, and Baby Boomers of American adults in the workforce on a variety of topics, including: •

ADULT VIEWPOINTS 2019:

ECONOMIC SECURITY AND ADVANCEMENT

IN THE WORKFORCE

U.S adults ages 21 to 72, including representative samples of Millennials (21-37), Gen X (38-53) and Baby Boomers (54-72), were surveyed about their financial security and career outlook 1,004

3 Source of Data

5 Demographics

10 Future in Current Field of Work

1,004 ADULTS

Champlain College Online fielded a survey with Full Circle Research from July 15, 2019 to July 21, 2019, with a nationally representative sample of 1,004 U.S adults in the workforce between the ages of 21 and 72 representing three generations.

The adults surveyed were a representative segment of Millennials (21-37), Gen X (38-53) and Baby Boomers (54-72) The margin of error for the entire survey is +/- 3.1%, and larger for sub-groups, with a confidence level of 95%.

SOURCE OF DATA

CHAMPLAIN COLLEGE ONLINE

Champlain College Online commissioned this survey in order to assess working* American adults’ perspectives on these

shifts, and to better understand how the multigenerational workforce is responding to the challenges posed by a changing economy

In this survey, we gained insight into the perceptions of three generations (Millennials, Gen Z, and Baby Boomers) of American adults in the workforce on a variety of topics, including:

• Personal financial security compared to their parents

• Career outlook

• Advancement prospects in the workplace

• Willingness to pursue new job opportunities

• Various career advancement activities, including going back to school

*For the purposes of this survey we also included adults actively seeking work.

47-55 years old 36-46 years old 23-35 years old

Associate degree Some college, but no degree High school degree or GED

Other Multi-Ethnic Caucasian, Hispanic Caucasian, non-Hispanic Native American or Alaska Native Black, non-Hispanic

Asian or Pacific Islander

Other

A stay-at-home-parent or caregiver Disabled

Retired Not working, but seeking work Employed part-time for pay Employed full-time for pay

32%

54-72Baby Boomer

56% Men 44% Women

AGE

GEOGRAPHIC REGION RACE/ETHNICITY

High school degree, GED, or less 17%

Some college, but no degree 26%

SURVEY FINDINGS

It is notable that nearly half of all respondents—across age groups—said that, all things considered, they felt financially insecure This points to wider trends around income and employment, and suggests that full-time employment does

not necessarily correlate with financial security In fact, based on the data collected in this survey, employment status

is not an indicator of financial stability, suggesting that many Americans are struggling to make ends meet or are

concerned about their financial futures, regardless of the fact that they hold steady jobs

Additionally, our data challenged the commonly held belief that successive generations see themselves as better

off than those that came before them While many respondents (41%) did say that they felt more secure than their

parents at the same point in their lives, 40% said they felt less secure than their parents The fact that responses were consistent across age groups points to a widespread sense that it is more difficult to make a living and get by than it

has been in previous generations, and this is affecting not just those early on in their careers, but their parents and

grandparents as well

However, the fact that sense of financial security increased with education level, with over half (51%) of those with

a master’s degree or higher saying that they felt financially secure as opposed to just under a quarter (23%) of those

with a high school diploma or less, indicates that higher education may be one way to improve financial security and

create opportunity for individuals to build better lives

FINANCIAL SECURITY

Respondents across all age groups were split on whether or not they feel more or less financially secure than their parents at the same time in their lives; 41% said they felt “much more” or

“somewhat more” secure, and 40% said they felt

“much less” or “somewhat less” secure.

Sense of financial security increased with education level; 51% of those with a master’s degree or higher said they were “somewhat” or “very” secure, as compared to only 23% of those with a high school diploma or less

40%

When asked how secure they feel financially

at this point in their lives, 48% of respondents said they feel “somewhat” or “very” insecure

Only 8% of respondents said that they feel

“very secure.” There were no significant differences among age groups

48% FEEL VERY OR

SOMEWHAT INSECURE

FEEL LESS SECURE THAN PARENTS

RESPONDENTS WITH MASTER’S DEGREE FEEL VERY OR SOMEWHAT SECURE 51%

of respondents view

themselves as “very” or

“somewhat” secure in

their current jobs

of those with a master’s degree

or higher felt secure in their current jobs, while only 49%

of those with a high school diploma felt the same way

of respondents view themselves

as insecure in their jobs.

SECURITY IN FIELD OF WORK

SECURITY IN CURRENT JOB

30%

21%

of respondents said they were

“somewhat” or “very” secure in

their chosen fields of work.

of respondents felt “somewhat more”

or “much more” secure in their current

fields of work than their parents at

the same point in their lives.

Security in one’s field of work increased with educational level; the majority of those with a bachelor’s degree (57%) and/or a master’s degree (66%) said they felt secure, while the same was true for only 43% of those with a high school diploma.

52%

41%

73% 57% 27%

of respondents said they felt

“somewhat” or “very” insecure

in their fields of work.

of Millennials considered themselves

to be “somewhat insecure” in their career fields, significantly more than other age groups.

While just over half of respondents indicated that they feel secure in their chosen field of work, it’s important to

rec-ognize that nearly a third of respondents (30%) stated that they feel “somewhat” or “very” insecure This is warranted given the many industries that are facing dramatic shifts in how they operate and who they employ; significant num-

bers of organizations are automating jobs, outsourcing positions overseas, or simply closing areas of business that

are no longer in line with the long-term organizational strategy A recent CNBC article* states that the retail sector

alone—“a sector where automation has been particularly present”—has lost more than 140,000 jobs since January

2017, according to Labor Department data These corporate-level changes are having an impact on the workforce;

whether or not they are actually in danger of losing their jobs as a result of these shifts, many individuals are clearly

worried about the possibility

When it comes to sense of security in one’s current job, responses were in line with those on career field security:

while the majority (57%) feel secure in their current jobs, over a quarter of them do not In looking at the numbers

more closely, it’s also important to note that only 23% of respondents feel “very” secure Whether this lack of

secu-rity is perceived or real, it’s a concern that many Americans share, and employers may be interested to learn that so

few of their employees feel truly confident in their continued employment

As with financial security, responses were split on the question of career field security in comparison to one’s

par-ents, with 41% responding that they felt more secure than their parents at the same point in their lives, 24% stating

that they were neither more nor less secure, and 30% believing they were less secure While the number of

respon-dents who feel secure is not insignificant, the 54% of individuals who indicated that they were at the same security

level or lower than their parents is also noteworthy, and paints a much more nuanced picture of the state of the

current American workforce’s perception of job security

This is especially interesting to consider when looking at Millennial respondents, who, overall, consider themselves

to be less secure in their fields of work than Gen X or Baby Boomer respondents This group of people, many having

graduated from college during or in the aftermath of the Great Recession, may have different perceptions of job

lon-gevity, employer loyalty, and career security than older generations as a result of the high unemployment rates and

economic collapse they were exposed to during young adulthood

Finally, it’s also important to note the fact that higher career and job security were both correlated with education

level; the more education respondents had, the more likely they were to feel secure Given the fact that bachelor’s

degrees are now a minimum requirement for many jobs, and higher education tends to translate into greater career

prospects and earning potential, it stands to reason that those with more education would be more confident in their career futures than those with only a high school diploma, whose options are believed to be much more limited

CAREER AND JOB SECURITY

*Franck, T (2019, April 8) Booming jobs market is leaving the retail industry behind

Retrieved from https://www.cnbc.com/2019/04/05/booming-jobs-market-is-leaving-the-retail-industry-behind.html

CHAMPLAIN COLLEGE ONLINE

FUTURE IN CURRENT FIELD OF WORK

When asked to think about their current field over the next 5-10 years,

62% of respondents said they

“definitely” or “probably” see a future

39% of respondents are unsure or do not see a future in their current field.

Reasons Why Career Field May Have No Future

Jobs in my field are likely to be outsourced or move overseas

The pay for jobs in my current field is not increasing enough, and/or keeping pace with inflation.

I would have to go back to school to gain the skills needed to keep current in my field, and I don’t have the MONEY to do so.

I would have to go back to school to gain the skills needed to keep current in my field, and I don’t have the TIME to do so.

My job is at risk of going extinct in the future.

Things are changing so rapidly; I don’t think I will have the skills needed for my current field

63% of Millennials and 67% of Gen X respondents said they see a future in their field

Nearly a quarter (24%) of Baby Boomers said they did not see a future in their current field

While it is encouraging to see that the majority of individuals feel confident in the future of their career field, it is

also perhaps out of line with workforce trends According to estimates from the World Economic Forum* in 2016,

7.1 million jobs worldwide could be lost over the next five years due to factors such as automation This suggests

that many individuals may be overly optimistic about their career prospects in the near future, and are either

unaware or unwilling to acknowledge that their fields are likely to go extinct

The 39% of respondents who are unsure or do not see a future in their current field represent the many American

workers who know that widespread technological and geographic changes may impact their careers in yet-to-be-

determined ways More than anything, these responses indicate a sense of uncertainty: many people know that

significant shifts are coming, but simply don’t know how their careers will be impacted

In fact, the reasons given for one’s career field not having a future paint a somewhat grim picture of the current job

market: over half of respondents believe pay in their field is not increasing enough, and/or keeping pace with inflation; 23% don’t believe they’ll have the skills to keep up with changes in their fields; and 19% think that their jobs will be

outsourced While these responses were consistent across age groups, the 31% and 33%, respectively, of Millennials who believe that they’ll need to go back to school in order to have a future in their field but lack the time or money to

do so indicates that this generation faces challenges that their older counterparts do not—or perhaps Millennials have

a keener understanding of what they will need to do in order to stay competitive in a changing job market

The fact that Baby Boomers were significantly less optimistic about their career futures is somewhat unsurprising,

given that many in this generation are close to retirement age However, given longer lifespans (which often results

in people delaying retirement or simply choosing to work longer) it is concerning that nearly a quarter of those in this age group do not see a future in their fields This may suggest the existence of generational concerns of being phased out of the workforce due to age and changing employer needs

FUTURE IN CURRENT FIELD OF WORK

Younger generations were also more likely

to believe their jobs were in jeopardy of

being outsourced or moved overseas, at

23% of Millennials and 20% of Gen X.

of respondents believe their jobs are at risk of going extinct

at some point in the future.

25%

56% of those who said they feel “somewhat”

or “very” financially insecure fear their job will go extinct.

63% of those who said they’re likely to change jobs or field of work to feel more secure also fear their job going extinct.

Of those who said they felt that pay in their field was not increasing enough, 78% feared their job going extinct.

Millennials were significantly more likely than Gen X or Baby Boomers to feel that they would need to go back to school, but lacked money to do so (33%).

*World Economic Forum (2016, January) The Future of Jobs Employment, Skills and Workforce Strategy for the Fourth Industrial Revolution.

Retrieved from http://www3.weforum.org/docs/WEF_Future_of_Jobs.pdf

CHAMPLAIN COLLEGE ONLINE

TAKEAWAYS

The data here reveals that American workers are, largely, in tenuous employment situations The fact that only 44%

of respondents see opportunities to advance or be promoted is concerning both for employees—who lack pathways

to future success, increased earnings, and better work—and for employers, who face losing employees to external

opportunities

This is compounded by the fact that 57% of Millennials and 42% of Gen X respondents said they would be likely

to change jobs in order to feel more secure—meaning that a significant portion of the workforce would be ready to

leave their current employer if it meant alleviating the concerns outlined in earlier findings

However, when looking at generational differences around advancement opportunities, it is interesting to note that

Millennials were significantly more likely to be optimistic about their prospects than the Gen X or the Baby Boomer

cohort While 61% of Millennials said they “definitely” or “probably” saw an opportunity to advance or be promoted

in their workplaces, only 48% of Gen X and 26% of Baby Boomers said the same The response from Baby

Boom-ers is to be expected, given that these individuals are, for the most part, much further along in their careBoom-ers; some

may have reached the top of the organizational hierarchy, and others might simply be too close to retirement to see

further advancement as an option

However, the lack of optimism on the part of Gen X reflects an interesting workforce trend, detailed by the

Harvard Business Review* in 2019: as Baby Boomers are staying in the workplace longer and delaying retirement,

fewer advancement opportunities are being created for Gen X workers, who are at the peak age for career

workplace advancement Additionally, given the increased media focus and employer attention on Millennials in

the workforce in recent years, Gen X workers have been overlooked, with a promotion rate that has consistently

been 20-30% slower than Millennials’ over time This represents a challenge for employers, who must focus on

retaining their Gen X employees until advancement opportunities arise—perhaps increasing investment in training

and development to help employees see their value to the organization over the long term

CAREER CHANGE AND ADVANCEMENT

• Fewer than half of respondents (46%) see an

opportunity to advance or be promoted in

their current workplace

• Millennials and Gen Xers were

significant-ly more likesignificant-ly to be optimistic about their

advancement opportunities; 61% and 48%

of those cohorts, respectively, said they

“definitely” or “probably” saw advancement

opportunities in their current workplaces, as

opposed to only 26% of Baby Boomers

• 46% of Baby Boomers said they believed

there were “definitely” or “probably” no

ad-vancement opportunities available to them–

significantly higher than younger cohorts.

• 44% of respondents are “somewhat” or

“very” likely to change jobs to feel more secure.

• Millennials and Gen Xers were significantly more likely than Baby Boomers to change jobs or field of work to feel more secure;

57% of Millennials and 42% of Gen Xers said they were “somewhat” or “very” likely

to do so, while only 31% of Baby Boomers said they would

• Baby Boomers were significantly more likely to see job change as “very unlikely,”

at 34% of respondents in this cohort.

LIKELIHOOD OF CHANGING JOB

TO FEEL MORE SECURE

ADVANCEMENT OPPORTUNITY

IN CURRENT JOB

*Neal, S (2019, July 26) Are Companies About to Have a Gen X Retention Problem?

Retrieved from https://hbr.org/2019/07/are-companies-about-to-have-a-gen-x-retention-problem

TRANSITIONING TO A NEW JOB/CAREER

51% 57% 69% Network with others, and/

or seeks out networking opportunities

32% 48% 63% Seek a professional or

industry certification 25% 40% 48% Talk to a career coach/

counselor 23% 37% 58% Complete a certificate at a

college or university online 22% 32% 53% Attend a trade school/

seek vocational training 18% 33% 44% Attend a bootcamp

or a short course 13% 25% 43% Pursue an undergraduate

degree online 12% 27% 48% Pursue a master’s

degree online

Millennials were significantly more likely

to pursue online learning; 36% said they were “very” or “somewhat” likely to pursue

an undergraduate degree, 40% a master’s degree, and 51% a certificate.

Networking was significantly more common among Millennials (62%) and Gen Xers (52%) than Baby Boomers (36%).

at 30% and 23% respectively.

Millennials and Gen Xers are more likely

to take actions designed to transition to

a new career, responding that they were

“very” or “somewhat” likely to pursue

career transition actions significantly more

often than Baby Boomers.

Millennials were significantly more likely

to view online education positively than other generations; 55% viewed pursuing an undergraduate degree as “very” or “some- what” effective, 59% saw a master’s degree

as effective, and 71% saw a certificate as effective.

Millennials and Gen Xers were more likely to see each action

as more effective than the Baby Boomer cohort.

CHAMPLAIN COLLEGE ONLINE

TAKEAWAYS

When it comes to taking action in order to transition to a new job or career, the data revealed some interesting

findings When asked which actions they had already taken, over half of respondents (51%) indicated that they had

networked with others, with Millennials and Gen X significantly more likely to have done so than Baby Boomers

After networking, actions most frequently taken were those that were lower cost, such as seeking a professional or

industry certification, talking to a career coach or counselor, and completing a certificate online

These responses were consistent with those given when individuals were asked which actions they were most likely

to take in order to transition to a new job or career; networking was, once again, the most popular option, followed

by seeking a certification and talking to a career coach This makes sense, given that when asked to rate the

effec-tiveness of these actions, networking came out on top, with 69% of respondents viewing it as effective; professional certifications were in the second position, with 63% of respondents viewing them as effective

Millennials and Gen X were more likely than Baby Boomers to both pursue each of these actions and to view each of them as effective; again, given that many members of the Baby Boomers are nearing retirement or have significant

experience in their fields, career transitions are perhaps less pressing

Finally, it’s interesting to note that while obtaining a bachelor’s or master’s degree online was viewed as effective,

these options were lowest on the list of actions taken or likely to be taken This may be because of the investment

degrees represent in terms of cost and time; it’s also a much bigger commitment to a specific field or career path than

a lower-stakes option such as networking or a professional certification However, Millennials and Gen X were both

more likely to pursue an online degree than Baby Boomers, and Millennials viewed online degrees as significantly

more effective than the other two age groups This indicates a familiarity with online learning and its outcomes,

which makes sense given the increased prevalence of online higher education over their lifetimes

ACTIONS TO TAKE TO TRANSITION TO A NEW JOB/CAREER